EUR/USD and GBP/USD: Technical analysis for November 3
November 3, 2023 5:24 am
EUR/USD
Higher Timeframes
Bulls continue to make efforts and strive to achieve results. The obstacles in their path are currently concentrated in the resistance zone of 1.0614 – 1.0628 – 1.0653 – 1.0665 (monthly medium-term trend + weekly levels + the lower boundary of the daily cloud). Breaking through these boundaries is the first step towards new prospects and opportunities. The next upward target in the current situation can be marked at the level of 1.0766 (weekly Fibonacci Kijun). Meanwhile, for bears, it remains important to overcome the supports at 1.0500 – 1.0449 and restore the downward trend.
H4 – H1
On the lower timeframes, despite the current decline, bulls continue to maintain an advantage. The resistances of the classic pivot points have expanded the potential for an upward move today, setting their targets at 1.0670 – 1.0718 – 1.0769. The loss of key levels at 1.0619 – 1.0589 (central pivot point + weekly long-term trend) may change the current balance of power in favor of strengthening bearish sentiments. In this case, attention will shift to the supports of the classic pivot points (1.0571 – 1.0520 – 1.0472).
***
GBP/USD
Higher timeframes
Yesterday, bulls continued to work with the resistances of the death cross of the daily Ichimoku cloud, the final level of which is 1.2221. The elimination of the daily cross will allow for consideration of new targets, such as the resistances of the weekly short-term trend (1.2339) and the lower boundary of the daily cloud (1.2347). The failure of the bulls and a return to the opponent’s market will bring the relevance of passing the supports that continue to limit the current consolidation, located at 1.2094 – 1.2097 (upper boundary of the weekly cloud + monthly medium-term trend) and 1.2036 (low).
H4 – H1
The main advantage, at the moment, continues to be on the bulls’ side, as the pair on lower timeframes is still above the weekly long-term trend, which is currently located at the level of 1.2150. The reference points for the development of intraday movement are the classic pivot points. So, for bulls, the resistances of the classic pivot points (1.2231 – 1.2266 – 1.2307) may be of interest today, and for bears, the supports of the classic pivot points (1.2114 – 1.2079) may be significant.
EUR/USD
Higher Timeframes
Bulls continue to make efforts and strive to achieve results. The obstacles in their path are currently concentrated in the resistance zone of 1.0614 – 1.0628 – 1.0653 – 1.0665 (monthly medium-term trend + weekly levels + the lower boundary of the daily cloud). Breaking through these boundaries is the first step towards new prospects and opportunities. The next upward target in the current situation can be marked at the level of 1.0766 (weekly Fibonacci Kijun). Meanwhile, for bears, it remains important to overcome the supports at 1.0500 – 1.0449 and restore the downward trend.
H4 – H1
On the lower timeframes, despite the current decline, bulls continue to maintain an advantage. The resistances of the classic pivot points have expanded the potential for an upward move today, setting their targets at 1.0670 – 1.0718 – 1.0769. The loss of key levels at 1.0619 – 1.0589 (central pivot point + weekly long-term trend) may change the current balance of power in favor of strengthening bearish sentiments. In this case, attention will shift to the supports of the classic pivot points (1.0571 – 1.0520 – 1.0472).
***
GBP/USD
Higher timeframes
Yesterday, bulls continued to work with the resistances of the death cross of the daily Ichimoku cloud, the final level of which is 1.2221. The elimination of the daily cross will allow for consideration of new targets, such as the resistances of the weekly short-term trend (1.2339) and the lower boundary of the daily cloud (1.2347). The failure of the bulls and a return to the opponent’s market will bring the relevance of passing the supports that continue to limit the current consolidation, located at 1.2094 – 1.2097 (upper boundary of the weekly cloud + monthly medium-term trend) and 1.2036 (low).
H4 – H1
The main advantage, at the moment, continues to be on the bulls’ side, as the pair on lower timeframes is still above the weekly long-term trend, which is currently located at the level of 1.2150. The reference points for the development of intraday movement are the classic pivot points. So, for bulls, the resistances of the classic pivot points (1.2231 – 1.2266 – 1.2307) may be of interest today, and for bears, the supports of the classic pivot points (1.2114 – 1.2079) may be significant.
***
The technical analysis of the situation uses:
Higher timeframes – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower timeframes – H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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